Looking to invest in Chainlink (LINK) in the UK?
My guide explores the top platforms for buying Chainlink, ensuring a seamless entry into this innovative cryptocurrency.
Discover the best places to buy Chainlink, with user-friendly interfaces, secure transactions, and competitive pricing.
Table of Contents
Where to Buy Chainlink UK?
Take a look at the list I’ve prepared below of the best places to buy Chainlink in the UK.
I’ve chosen these platforms based on their user-friendly interfaces, accessibility, and security features.
1. eToro – Overall Best Place to Buy Chainlink UK
CFD crypto is restricted for users under FCA (UK)
If you’re looking to buy Chainlink in the UK, eToro is a great option for you. You’ll feel like you’re part of a bustling trading floor with their user-friendly platform.
eToro is a social trading and investment platform that allows users to buy, sell, and trade cryptocurrencies, including Chainlink.
The platform is regulated by the Financial Conduct Authority (FCA) in the UK, which means that you can trust that your investments are secure.
One of the great features of eToro is its CopyTrader tool, which allows you to automatically copy the trades of other successful traders. This is a great way to learn from the best and potentially make more profitable trades.
Additionally, eToro has a wide range of payment options, including bank transfers, debit cards, and e-wallets, making it easy to deposit funds and start trading Chainlink.
If you’re looking for a reliable, user-friendly platform to buy Chainlink in the UK, eToro is definitely worth checking out.
Finally, it’s worth noting that as of 2023, eToro announced that they reached 30 million registered users worldwide.
On top of this, they have an ‘Excellent’ rating on Trustpilot (which is quite rare for crypto exchanges), with over 18,000 reviews.
Read my complete eToro review.
- Fees: Crypto trading fees are 1%.
- Supported Assets: 92 cryptocurrencies, stocks, indices, commodities, fiat currencies and ETFs.
- Regulation: FCA.
- Customer Support: 24/5 support via live chat, email and ticket system.
- GBP Deposit Methods: Bank Transfer, Debit Card, eToro Money, Skrill, Neteller, Rapid Transfer & Trustly.
You’ll find Uphold to be a reliable and user-friendly platform for purchasing Chainlink in the UK.
The platform offers a simple and straightforward way to buy Chainlink using a wide range of payment methods, including bank transfers, debit/credit cards, and even cryptocurrencies.
This makes it easy for UK residents to get started with buying Chainlink without any hassle.
One of the key features of Uphold is its competitive pricing model, which allows users to buy Chainlink at some of the lowest fees in the industry.
The platform also offers a high level of security, with all transactions being processed through a secure payment gateway, and users’ personal information and funds being kept safe with multi-layered security measures.
Additionally, Uphold is an established and reputable platform, with a proven track record of providing reliable and efficient services to its users.
Overall, if you’re looking for a reliable and user-friendly platform to buy Chainlink in the UK, Uphold is definitely worth considering.
Read my complete Uphold review.
- Fees: Deposits are free when funded by a bank account, debit/credit card, using Bitcoin, or from another Uphold account. Crypto trading fees range between 0.8% and 1.2%.
- Supported Assets: 250+ cryptos, shares, precious metals and fiat currencies.
- Regulation: FCA.
- Customer Support: 24/7 support via live chat and email.
- GBP Deposit Methods: Bank Transfer, Credit/Debit Card, SEPA, Google Pay & Apple Pay.
When using Coinbase, you’ll find that the platform offers a variety of features and tools that can help you manage your Chainlink investments more effectively.
You can also set price alerts that notify you when Chainlink reaches a certain price point, enabling you to make informed decisions about when to buy or sell.
In addition, Coinbase offers a secure platform for storing your Chainlink.
The platform uses industry-leading security practices, such as two-factor authentication and cold storage, to protect your investments from hackers and other threats.
Moreover, Coinbase provides insurance for its users’ funds, adding an extra layer of protection to your Chainlink holdings.
Overall, Coinbase is a reliable and user-friendly platform that can help you buy, sell, and store Chainlink in the UK.
Read my complete Coinbase review.
- Fees: 0% – 3.99%. Varies by type of transaction; other fees may apply.
- Supported Assets: 200+ cryptos.
- Regulation: FCA.
- Customer Support: Live messaging support is available 24 hours a day, seven days a week (although it can be quite slow).
- GBP Deposit Methods: Bank Transfer, Faster Payments Transfer, SEPA, 3D Secure Card.
How to Buy Chainlink UK
To buy Chainlink, follow these general steps:
- Set up a cryptocurrency exchange account: Choose a reputable cryptocurrency exchange that supports Chainlink and operates in the UK. Some popular options include eToro, Uphold and Coinbase.
- Complete the registration process: Sign up for an account on your chosen exchange by providing the required information, such as your email address, a secure password, and, in some cases, identity verification documents as per Know Your Customer (KYC) regulations.
- Fund your account: Once your account is verified, deposit funds into your exchange account. Most exchanges offer various funding options, including bank transfers or debit/credit card payments. Select the method that suits you best.
- Locate Chainlink on the exchange: Navigate to the exchange’s trading platform and search for Chainlink (LINK) among the listed cryptocurrencies. Ensure you select the correct trading pair if you’re looking to trade Chainlink against a specific fiat currency or another cryptocurrency.
- Place your buy order: Specify the amount of Chainlink you wish to purchase and review the order details. Take note of any applicable trading fees or commissions. Once you are satisfied, execute the buy order.
- Securely store your Chainlink: After the purchase is complete, consider transferring your Chainlink to a personal cryptocurrency wallet for enhanced security. Wallet options include hardware wallets, software wallets, or mobile wallets. Ensure you follow the proper security measures to protect your assets.
What Is Chainlink?
Chainlink is a decentralised oracle network and cryptocurrency designed to connect smart contracts with real-world data and external APIs. Smart contracts, which are self-executing agreements, rely on accurate and reliable information to function effectively.
Chainlink serves as a bridge between blockchain-based smart contracts and real-world data, enabling secure and tamper-proof data inputs and outputs.
Chainlink achieves this by utilising a network of decentralised nodes that retrieve and verify data from various off-chain sources, such as APIs, data providers, and traditional databases.
These nodes ensure the integrity and accuracy of data before delivering it to smart contracts on the blockchain.
The native cryptocurrency of the Chainlink network is called LINK. It is used to incentivise node operators, secure the network through staking mechanisms, and facilitate payments for accessing data services within the Chainlink ecosystem.
By providing a reliable and decentralised oracle solution, Chainlink expands the capabilities of smart contracts, making them more versatile and applicable to a wide range of industries.
It has gained attention for its potential to enable blockchain-based applications in fields such as finance, supply chain management, insurance, and decentralised finance (DeFi).
In summary, Chainlink is a decentralised oracle network that connects smart contracts to real-world data, enabling secure and reliable data interactions on the blockchain.
How Does Chainlink Work?
Chainlink functions as a decentralised oracle network that connects smart contracts on the blockchain with real-world data and external APIs.
Here’s a simplified explanation of how Chainlink works:
Requesting Data: A smart contract on the blockchain needs external data to perform certain functions. It makes a request for specific data to the Chainlink network.
Node Operators: Chainlink consists of a network of decentralised node operators. These nodes retrieve and verify the requested data from various off-chain sources, such as APIs and traditional databases.
Data Validation: The selected node operators independently verify the accuracy and integrity of the data. They utilise Chainlink’s consensus mechanism and reputation system to ensure reliable data.
Aggregating Results: The node operators aggregate the verified data and generate a single result that meets the requirements of the smart contract. This aggregation ensures the accuracy and consistency of the data.
Delivering Data: The verified and aggregated data is then securely delivered back to the requesting smart contract on the blockchain. The smart contract can now utilise the data for its intended purposes.
Incentivisation and Reputation: Node operators are incentivised to provide accurate data and maintain good performance through the Chainlink network’s native cryptocurrency, LINK. Node operators stake LINK tokens, and their reputation and rewards depend on the quality and reliability of their data contributions.
By utilising this decentralised oracle network, Chainlink enables smart contracts to interact with real-world data, enabling a wide range of applications that require trusted external information.
It brings external data into the blockchain ecosystem, enhancing the functionality and potential use cases of smart contracts across various industries.
Commonly Asked Questions About Chainlink
Is Chainlink Safe?
Chainlink aims to prioritise security by implementing various measures. However, no system is entirely immune to risks.
Chainlink employs cryptographic techniques, decentralised node operators, and a reputation system to enhance the security of its decentralised oracle network.
It strives to ensure the accuracy and integrity of the data provided to smart contracts.
To mitigate risks when utilising Chainlink or any other cryptocurrency, it’s important to follow best security practices.
This includes securing your private keys, using reputable wallets and exchanges, and staying vigilant against phishing attempts or fraudulent activities.
Additionally, conducting thorough research, understanding the project’s fundamentals, and staying informed about the latest developments are essential for making informed decisions and assessing the potential risks associated with using Chainlink or any other cryptocurrency.
It is advisable to consider consulting with a financial advisor or professional to assess your specific circumstances and evaluate the risks and rewards before engaging with Chainlink or any other investment.
What Makes Chainlink Unique?
Chainlink is unique due to its decentralised oracle network that connects smart contracts with real-world data.
It enables secure and reliable data interactions on the blockchain, expanding the capabilities of smart contracts and allowing them to access information beyond the blockchain.
This opens up a wide range of applications across industries, making Chainlink a crucial bridge between blockchain technology and real-world data sources.
Is Chainlink legal in the UK?
Yes, Chainlink and other cryptocurrencies are legal in the UK. The UK government recognises cryptocurrencies as property, and they are subject to existing laws and regulations.
The Financial Conduct Authority (FCA), the regulatory body responsible for overseeing financial activities in the UK, has implemented regulations to combat money laundering and ensure consumer protection in the cryptocurrency space.
Cryptocurrency exchanges and service providers in the UK must comply with these regulations, including Know Your Customer (KYC) and Anti-Money Laundering (AML) requirements.
It’s important to note that the legal status and regulatory environment surrounding cryptocurrencies can vary from country to country.
While cryptocurrencies are legal in the UK, it’s advisable to stay updated on any changes in regulations and consult with legal and financial professionals for specific guidance related to your situation.
Can I Buy Chainlink With GBP?
Yes, it is possible to buy Chainlink (LINK) with GBP (Great British Pound). Several cryptocurrency exchanges and platforms that operate in the UK offer the option to purchase Chainlink directly with GBP.
You can search for reputable exchanges that support LINK/GBP trading pairs to facilitate the purchase. It’s important to consider factors such as fees, security, and user experience when selecting the exchange or platform that best suits your needs.
Is Chainlink a Good Investment?
Whether Chainlink (LINK) is a good investment or not depends on various factors, including individual financial goals, risk tolerance, and market conditions.
It’s important to conduct thorough research, analyse the project’s fundamentals, evaluate its potential for growth, and consider expert opinions before making any investment decisions.
Keep in mind that investing in cryptocurrencies, including Chainlink, carries inherent risks due to the volatility and speculative nature of the market.
It’s advisable to seek guidance from a qualified financial advisor or do your own due diligence before investing in any cryptocurrency. Additionally, only invest what you can afford to lose and consider diversifying your investment portfolio to mitigate risks.
What Is Chainlink Trading?
Chainlink trading refers to the buying and selling of Chainlink (LINK) cryptocurrency on various platforms, such as cryptocurrency exchanges. Traders engage in Chainlink trading to potentially profit from price movements.
They aim to buy Chainlink at a lower price and sell it at a higher price, taking advantage of market fluctuations.
Chainlink trading can involve short-term trades, where traders capitalise on short-lived price movements, or long-term investment strategies based on analysis and predictions of Chainlink’s future growth potential.
Traders may use technical analysis tools, charts, and market indicators to inform their trading decisions.
It’s important to note that trading cryptocurrencies, including Chainlink, carries risks due to the volatility and speculative nature of the market. Traders should be prepared for potential losses and carefully manage their risks.
It’s advisable to acquire a good understanding of trading principles, stay informed about market trends, and consider using risk management strategies such as setting stop-loss orders to protect investments.
What Happens After I Buy Chainlink?
After you buy Chainlink (LINK), you have several options:
- Secure Storage: Consider transferring your Chainlink to a personal cryptocurrency wallet for enhanced security. Wallet options include hardware wallets, software wallets, or mobile wallets. Follow the instructions provided by the wallet provider to securely store your Chainlink.
- Holding: You can choose to hold your Chainlink as a long-term investment. Monitor the market and track Chainlink’s performance over time. Keep informed about any news or developments that may impact the value of your investment.
- Trading: If you prefer an active approach, you can engage in trading activities with Chainlink. Monitor the market trends, use technical analysis tools, and consider setting trading strategies to potentially capitalise on price movements. Be aware that trading involves risks, and it’s important to manage your risk exposure accordingly.
- Research and Stay Informed: Continuously educate yourself about Chainlink and the broader cryptocurrency market. Stay updated on news, project developments, and market trends. Being well-informed can help you make better decisions and navigate the dynamic nature of the cryptocurrency space.
Is Chainlink Taxed in the UK?
Yes, Chainlink and other cryptocurrencies are subject to taxation in the UK. The UK tax authority, HM Revenue & Customs (HMRC), treats cryptocurrencies like Chainlink as taxable assets rather than currencies.
The tax treatment can vary depending on the specific activities involving Chainlink, such as buying, selling, mining, or receiving it as payment.
Here are some key points to consider regarding Chainlink taxation in the UK:
Capital Gains Tax: When you sell or dispose of Chainlink, any capital gains made may be subject to Capital Gains Tax. The tax is calculated based on the difference between the acquisition cost and the disposal proceeds.
Income Tax: If you receive Chainlink as payment for goods or services or receive mining rewards, it may be subject to Income Tax. The value of Chainlink received should be converted to the equivalent fiat currency value at the time of receipt for tax purposes.
Trading and Speculative Activity: If you are actively trading Chainlink as a business or engaging in speculative activities, profits and losses from such activities may be subject to Income Tax or Corporation Tax.
Record-Keeping and Reporting: It’s important to maintain accurate records of Chainlink transactions, including dates, values, and any associated costs. These records will be crucial for calculating tax liabilities and reporting them to HMRC.
Professional Advice: Due to the complex nature of cryptocurrency taxation, it’s advisable to consult with a qualified tax professional or accountant who is knowledgeable in cryptocurrencies to ensure compliance with tax regulations.
If you’re in the UK and interested in purchasing Chainlink (LINK), one of the leading cryptocurrencies, you may be wondering where to start.
After conducting a thorough analysis of the best places to buy Chainlink in the UK, I’d recommend eToro and Uphold as the top two options.
Both platforms offer user-friendly interfaces, reliable security measures, and competitive fees. eToro stands out for its social trading feature, which allows users to follow and copy the trades of successful traders. Meanwhile, Uphold offers a wider range of cryptocurrencies and has established a strong reputation in the industry.
Ultimately, the choice between eToro and Uphold will depend on personal preferences and priorities.
However, both platforms provide a solid foundation for anyone looking to invest in Chainlink and other cryptocurrencies in the UK.
What is the best app to buy Chainlink in the UK?
eToro is a popular app for buying Chainlink in the UK. It offers a user-friendly interface, secure transactions, and a wide range of cryptocurrency options, including Chainlink (LINK).
What is the safest way to buy Chainlink?
The safest way to buy Chainlink is by using reputable cryptocurrency exchanges or platforms that prioritise security measures, offer robust user protection, and have a strong track record of safeguarding user funds and personal information.
Can I buy Chainlink with a credit or debit card?
Yes, you can buy Chainlink (LINK) with a credit or debit card on various cryptocurrency exchanges and platforms that support card payments.
What’s the easiest way to buy Chainlink?
The easiest way to buy Chainlink is by using a user-friendly cryptocurrency exchange or platform that offers a straightforward process for purchasing Chainlink (LINK) with clear instructions and a simple user interface.
What’s the cheapest way to buy Chainlink?
The cheapest way to buy Chainlink is by comparing fees and finding a cryptocurrency exchange or platform that offers competitive rates and low transaction fees for purchasing Chainlink (LINK).
How to buy Chainlink without fees?
It is unlikely to buy Chainlink without any fees. Most cryptocurrency exchanges and platforms charge fees for buying and selling Chainlink (LINK) as part of their services. However, you can compare different exchanges to find platforms with lower fees or promotional offers to reduce costs.